Perth sales activity on the rise

Sales activity in the Perth metro area increased significantly in February.

REIWA President Hayden Groves said the market had enjoyed a healthy rebound following the Christmas and New Year dip.

“reiwa.com data shows sales activity in Perth lifted 16 per cent over the month and five per cent when compared to November 2015.

“We’ve also seen that weekly sales over the last three weeks are higher than they were at the same time last year. While it’s too early to call this a trend it’s a good indicator that mobility in the market is beginning to improve,” Mr Groves said.

At a sub-regional level, the Central sub-region had the strongest increase in sales activity over the month lifting a healthy 37 per cent, followed by the North West sub-region with a 24 per cent lift.

“Baldivis in the South West sub-region and Canning Vale in the South East sub-region were the top selling suburbs in February, followed by Scarborough in the Central sub-region,” Mr Groves said.

Perth’s median house price etched back 1.1 per cent in the three months to February, coming in at $529,000.

Listings

Mr Groves said there had been a three per cent increase in listings stock in February which wasn’t surprising as vendors traditionally returned to the market at the start of the year.

“This is a marginal increase given the time of year, but it’s significant to note that listings are now eight per cent lower than they were in November which suggests this could be the early stages of a correction in a market of prolonged higher than average stock levels,” Mr Groves said.

Rental market

Perth’s overall median rent price held firm at $400 per week in the three months to February 2016.

In terms of houses and units, Mr Groves said the median price for both was unchanged over the month at $400 and $380 per week respectively, but each had dipped $10 per week when compared to November 2015.

“While tenants are still in a good position to secure a competitively priced lease in Perth, it’s encouraging for investors that rent prices are appearing to steady in 2016,” Mr Groves said.

Rental listings in the Perth metro area declined three per cent in February but remain above the long term average.

The Men’s Shed are planning and exhibition of toys and other items made by members at The Shops on November 28th followed by an Open day on Thank a Volunteer day on December 5th, at 4 Transit Way Ellenbrook (near the Community Garden) at which products and tools will be offered for sale, tours of the workshops offered, and there will be a sausage sizzle on site.

DEBATE OVER BEST WAY TO EASE CONGESTION

PLANS to upgrade and extend Henley Brook Avenue to Reid Highway are well advanced and construction is expected to start within two years.

A map of the proposed Henley Brook Avenue extension.

The project aims to relieve congestion issues on West Swan Road, where traffic jams regularly extend several kilometres from the Reid Highway intersection during peak hour.

Once the four-lane Henley Brook Avenue extension is complete, West Swan Road will become a dedicated tourist and local traffic route.

The City of Swan also proposes West Swan Road be closed north of Gnangara Road. This is set to be complemented by the Perth-Darwin Highway, which is planned to divert heavy traffic away from Great Northern Highway – the Swan Valley’s other major tourism route.

A preliminary cost estimate based on the concept design is $36 million, split between developer contributions and City funding.

The plan has created divisions between candidates in the City of Swan’s Swan Valley/Gidgegannup ward election over the approach to reducing traffic.

Mayor Charlie Zannino is pushing for the four-lane upgrade of Henley Brook Avenue, while candidate Rod Henderson believes Lord Street should be upgraded to four lanes first, followed by a different method of extending Henley Brook Avenue.

Mr Henderson said he supported the eventual extension of Henley Brook Avenue to Youle-Dean Road so it could connect to Lord Street.

“There’s definitely a need to get traffic off West Swan Road and currently Lord Street is where most of the traffic goes, so it makes sense to upgrade that first,” he said. Mr Henderson claimed developers in the area would only fund a two-lane extension, meaning City of Swan would be out of pocket.

But Cr Zannino said the relevant approvals had been finalised and anticipated construction would start in 12-24 months.

“Both Henley Brook Avenue and Lord Street will carry the same amount of traffic in the future due to the amount of development flagged in the area,” he said.

Land acquisition will be required to complete the Henley Brook Avenue project, many of the properties are already owned by the City or the State Government.

Swan chief executive Mike Foley said the City was preparing detailed plans and would speak to affected landowners “in due course”.

Mr Foley said no decision had been made on where the project will start first.

“There are a number of factors to be taken into account such as the availability of funding, service locations, and land acquisition before the City can determine which section will be constructed first,” he said.

The Advocate contacted Swan Valley/Gidgegannup ward candidate Andrew Kiely but he did not respond before deadline.

LWP Property Group were out at Annie’s Landing, Ellenbrook this week and have posted these photos on their Facebook page stating that “the new primary school is really starting to take shape, which is super exciting to see. It is due to be opened in time for Term 1 next year”

In the four weeks to September 7 local property sales are at 106 across land, units and houses. This represents a lift of 3 per cent over this period. Compared to the same time last year, sales have increased by 26 per cent. In the overall market sales are up 8 per cent for the four week period. Ellenbrook tops the list for the highest number of sales at 36. Properties available for sale have increased by 18 per cent over the last four weeks and are 49 per cent higher than the same time last year. Total listings in the Perth Metro Region are up 3 per cent in the four weeks but remain 36 per cent above the same time last year. The average time to sell in the local area has increased for the 3 months to August 2015 by 20 days to 84 days from 64 days at the same time last year.